Agence Française de Développement (AFD), the state-owned French development bank, showed its commercial counterparts how it should be done when it issued e300 million of tier 1 eligible deeply subordinated notes.
AFD is only the second French lender to issue tier 1 directly. Before a change in the law in August 2003, French banks could only issue hybrid tier 1 through special purpose vehicles. The first bank to issue directly was Caisse Nationale des Caisses d?Epargne (CNCE), last November.
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